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If your itemized deductions this year (or last year) are more than last year's standard deduction but less than the new standard deduction, then paying the taxes now will be beneficial. Single standard deduction is going from $6300 to $12,000; married filing jointly standard deduction is going from $12,600 to $24,000.
Or, if the combination of your state and local taxes, real property taxes and personal property taxes (lines 6+7+8) is more than $10,000, you will benefit from paying property taxes early.
Be aware that you can only deduct property taxes if they have already been assessed. If the local government has not issued an assessment, they have no legal authority to accept a payment so you can't deduct the payment even if you make it.
If your itemized deductions this year (or last year) are more than last year's standard deduction but less than the new standard deduction, then paying the taxes now will be beneficial. Single standard deduction is going from $6300 to $12,000; married filing jointly standard deduction is going from $12,600 to $24,000.
Or, if the combination of your state and local taxes, real property taxes and personal property taxes (lines 6+7+8) is more than $10,000, you will benefit from paying property taxes early.
Be aware that you can only deduct property taxes if they have already been assessed. If the local government has not issued an assessment, they have no legal authority to accept a payment so you can't deduct the payment even if you make it.
Thanks to all for the responses. Very helpful.
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